Crowdsourcing: Access Knowledge

Businesses are tapping into the knowledge of their employees through crowdsourcing techniques.

You can do this easily by having employees answer questions that are posted by consumers on social media.

And large formal financial institutions are getting employees to answer everyday questions from consumers.

Crowdsourcing employee personalities and expertise to answer queries online is a great way to promote your brand, and many financial institutions are already doing this.

Mint.com for instance, added a Q&A portal that crowdsources answers to user questions from professional advisors.

Particularly in a digital age, those with money to invest trust the opinions of professionals online, just as much as in-person.

Consider that 90% of respondents from one survey said that all their buying decisions are influenced by online reviews.

This taps into the wisdom of the crowd from a consumer point of view.

IdeaScale had this to say in Crowdsourcing in Finance: “With crowdsourcing, financial institutions can connect with employees, customers, or stakeholders to find ideas that will help streamline processes, improve productivity, and identify new strategies that will help build the financial institution of the future.”

Crowdsourced Knowledge and Financial Service Delivery

Once you know what consumers want, you can adjust products or services to better suit their needs. Simple as that.

Ultimately, this allows for relationships of trust to grow. In an era where trust is so important, this is critical.

Knowledge is Power

In the consumer lending sector, financial institutions often hear from customers how long the loan process is.

More specifically, a customer would apply for a loan on a vehicle, bring the title to a brick and mortar branch location and work with a loan officer. Financial institutions also found this process lengthy and could see there were low conversion rates.

Enter…WeGoLook.

By seamlessly integrating with a financial institution, WeGoLook receives an order notification from the bank, immediately calls the potential customer to schedule the appointment at the customer's home or place of business, whichever is the most convenient.

If a notary is required, WeGoLook notifies a local Looker who is also a notary. The Looker will:

Meet with the customer, take required photos (customized by bank) for a condition report

Execute the documents and scan them using app

Deliver originals to FedEx

So for the bank’s finance sales team, they can view data the Looker collected in almost real time and fund the customer before even receiving the originals from FedEx. This allows for a much higher conversion rate that is quick (same day appointments) and more cost-effective.

Many banks are even finding the need for less branches, saving additional overhead when making WeGoLook part of the process.

In 2016, global insurtech investments totaled $1.7 billion, with both the volume and value of deals roughly doubling since 2014. This doesn’t include companies that are self-funded, have traditional financing, or work with angel investors to bring innovation to the $4.5 trillion global insurance industry. And, every segment of the insurance value chain has been impacted by those investments, including claims.

We are excited to announce our partnership with the CCC ONE platform to help insurance policyholders file self-service claims remotely. CCC ONE is a cloud platform developed by CCC Information Services, Inc. (CCC), a leading software as a service provider to the automotive, insurance, and collision repair industries. Founded in 1980, CCC leverages the CCC ONE platform to link a vast network of more than 350 insurance carriers, more than 24,000 repair facilities, hundreds of part suppliers, dozens of third-party data and service providers, and car manufacturers.

Through this partnership, CCC’s customers can electronically connect to our on-demand field force of more than 40,000 well-trained Lookers who are available 24 hours a day, 7 days a week. Our Lookers are always standing by to help insurers provide a high-level of service at a critical point in the claims process. When assigned, one of our Lookers will gather imagery and information in the field, in any U.S. location—even rural areas—in as little as one day.

How it works

When a claim qualifies for CCC’s mobile channel, policyholders are instructed by their insurer how to capture and upload photos of the damage via their smart device. However, when the policyholder requests assistance, or they do not complete the process within the insurer-defined period, insurers can send us an electronic notification through CCC ONE.

As soon as we receive the request for assistance, we dispatch a nearby Looker to take and upload photos to CCC ONE. Once the photos are uploaded, they are immediately available for insurance appraisers to initiate the claims or repair process.

Additionally, any of CCC’s customers can directly assign claims to WeGoLook through CCC ONE. Once assigned, we immediately dispatch Lookers to capture and upload photos and other requested information from the site of the claim.

It’s a win, win, win

We’re very excited about this partnership the many ways it allows WeGoLook to offer value to policyholders and insurers alike. With CCC and WeGoLook, policyholders gain an even more seamless experience when filing self-service claims. Insurers get access to our on-demand workforce through the CCC platform to help them provide even better service to their insurance industry clients.

And for us, this partnership furthers our mission, and the mission of our parent company, Crawford & Company, to help restore and enhance lives, businesses, and communities.